The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-05-14
UNION PACIFIC STOCK,

Kansas Pacific stock. and l4,700 shares
of
UNION PACIFIC STOCK,
and besides these $75S,OOO in Kansas
Pacific Consolidated bonds; $1Sl, 600 in
st. Joseph and Pacific; Sis 900 IN Kan
sas and Nebraska, and 1914 900 in Den
yer and Boulder Valley. | bought st.
Joe and Western and Kansas and Ne
braska in the open market, l think. AS
for the consolidated bonds l suppose
Gould acquired these securities by
purchase, as other people do.
l don't know what he paid for them.
You can find that out very readily by
putting him on the stand.
Commissioner Anderson commenced
to quote Sufficient unto the day"
when Sage interrupted with could.
think is very much like myself-he at.
tends to his own business. don't know
why Gould resigned as director prior to
the consolidation. l did not question
his motives. l am not in the habit of
guessing peoples motives. If he resigned
because OF his proposed dealings in
THE MATTER OF THE CONSOLIDATION,
1 do not know it. 1t might have been
the reason" The minutes OF the meet
ing of the directors on that occasion
were read, and Sage remembered that
he moved the acceptance of Gould's
resignation. The resignation was dated
January 10Th. II wrote a letter to
Scion Humphreys and 6. NJ. Dodge in
October, 1873, with reference to the
value of the property in the West,
and the desira bleness OF inventory,
also with reference to the propriety of
the consolidation of the Union Pacific
and Kansas Pacific. l think Mr.. Dillon
and Mr.. Ames signed letter and pos
sibly Jay Gould also signed it, as he had
s27, coo 600 in the stock of the >snton
Pacific. and consequently had consider
able interest, though am sure he was
like me-opposed TO the consolidation,
for his real interests lay elsewhere. My
impression is that 1 did not see the an
swer of Messrs. Humphreys and Dodge
until
THE CONSOLIDATION MEETING,
though it was dated January 10th, and
addressed to me with the others. The
examination of Sage was continued with
reference to the details of the consoli-
datlon meeting, of which he remem-
bered very little; thought they made
majority of the motions. When asked
if Gould did not ask him, the day
previous to the move, for the acceptance
OF his resignation, witness said: Gould
is not in the habit of telling me of dong
anything, till il is DONE" Concerning
the Kansas Central securities or the
earning capacity of that road, Sage
knew very little. He had remained
director of the UnioR Pacific, but not
being on the finance committee he did
not examine in the matter fully.
Sage continued: 81 don't know that
Gould was q creditor on the books OF
the Kansas Pacific at the time of the
consolidation. At the time of the con-
solidation my interests in the Kansas
Pacific and the Union Pacific were
about equal. believed then, and be-
lieve now, had the consolidation been
with the Missouri Pacific it would have
proved more advantageous to both
roads, and at the time / simply yielded
to the desires of the directors OF both
roads
AGAINST MY BETTER JUDGMENT.
The Union Pacific entered as a neces-
sary measure to prevent the extension
of the Chicago, Burlington & Quincy
and its creation as formidable oppo-
sition line. had wished. in company
with Commodore Garrison, to gel control
of the Kansas Pacific for the Missouri
Pacific from obtaining control OF the
Kansas Pacific"
James f. Keene, the next witness,
said he was a director of the Union
Pacific, and with Sage purchased 20, 900
shares of Union Pacific of Jay Gould at
TS cents. a short time before be became
a director. At the time of the consoli-
dat1on, ne was in New York; did not
attend any consolidation meetings;
held no Union Pacific stock at that
time.
Washington E. Conner, Jay Gould's
partner, explained the nature of his
business relations with Gould, and said
he had all the books OF forms OF Wash
inpton e. Conner and Washington +.
Conner & Company at his stable. They
vera omen to the Commission. The
accountant of the Commission might
examine them and make abstracts OF
Gould's holdings in various Paclhc
stocks and bonds. 1T would take q
short time. " he said in answer to Com
missioner Anderson, "as Geuld's deal
ings were mainly with large amounts OF
stock
-no1r crUcTr uoynERs